Sales down, but property values hold

Property sales accounted for 196 of the 1,258 documents recorded in the week ending April 21, 2023. The property of Panera Bread on Cumberland Ave was one of the eight having price tags over one million dollars and the only commercial property transfer. The corner lot at 2000 Cumberland Ave had been owned by Southside Leasing Company for 58 years but was sold last week to Knoxville TN 2000 Cumberland Properties KP6 LLC for $3.3 million.

Nick McBride

The total value of the property sales recorded was $76.7 million and comparing the same week of 2022 to 2023, property transfer numbers are down 43%. The 305 loans recorded are a 46% decrease from same-week 2022 numbers.

The total value of last week’s loans was $93.6 million, of which five were loans over one million dollars. Old National Bank was the lender of the largest loan, $23.68 million; Home Federal Bank of Tennessee lent $1.25 million; Citizen’s Bank granted $1.21 million; Traditional Bank Inc. lent $1.17 million; and TNBank funded a $1.1 million loan.

The three-year comparison chart has been updated and while the number of Warranty Deeds in 2021 and 2023 are far apart, the value of the sales is very close, only an 8% difference showing that property values have really increased since 2021.

We recently revamped our website due to a growing interest in the real estate market. The new website features all things property related. Anyone interested will be able to find sales, prices, foreclosures, mortgage lending information and sales analyses that measure the strengths and weaknesses of the current market.

You can also sign up for our property fraud alert program and our newsletter. The property fraud alert program will notify you if a document is recorded in your name, giving you the advantage of finding out about fraudulent activity immediately as opposed to finding out years down the road or when you’re trying to sell. Call the office if you have questions, 865-215-2330. Since your largest investment is probably your home, please take this opportunity to protect it against fraudulent transactions.

You can visit our new website @ https://rod.knoxcounty.org/

Have a great weekend!     –  Nick

Nick McBride is register of deeds for Knox County.